Home ownership rates in Chicago’s Black and Latino communities have been falling, according to information presented by Anthony Simpkins, president and CEO of Neighborhood Housing Services of Chicago.
Citing research by the DePaul Institute for Housing, Simpkins said not only are banks lending less in Black and Latino neighborhoods, they are also filing more foreclosures.
And he said borrowers of color who are able to get a loan are often charged a higher interest rate; in 2019 he said Woodstock Institute found nearly 35% of African American mortgage borrowers in Chicago paid higher rates, 17% of Latino borrowers.
Author(s): Linda Lutton
Publication Date: 27 February 2021
Publication Site: WBEZ